If someone was to ask you what is the difference between you and Nano what would the answer be? Their slogan is:
Digital currency for the real world – the fast and free way to pay for everything in life.
Instant transactions Zero fees Infinitely scalable
I can see the obvious differences with the EDU, Vault, CRISP, etc. what I'm asking is deeper. You got Nano, Dash, Zcash, etc. all claiming to be internet money of the future.
What makes DNotes unique? and how does DNotes strive to gain the trust of the world when others are out there succeeding and thriving already?
These questions were brought to me at work by someone when I was talking about DNotes? My excitement with all that is coming up in the next couple of months was too much for him to bare. So he asked this question and said ask your people that.
He said what there needs to be is a crpytocurrency that will have a debit card available to the user that can be used anywhere and for anything, with the Crypto company that considers themselves money for the world to be able to instantly do the transaction and conversion to Fiat and deduct from your wallet or account so it can really be considered money for the world. He looked at DNotes website and said WOW a bank for cryptocurrency, at least that is what it looks like they are trying to do (saving, Investment, etc.). If DNotes doesn't get excepted around the world in the future then maybe he is on to something so the future on DNotes never dies it adapts to what the world will let it do within the regulations and the capabilities of modern technology.
I know you don't like to compare yourself with other coins, but it is unfortunately the situation we are all in. People want to know but are afraid to ask. Trying to find the right coin to invest in. Research in done but sometimes it's the words of the Dev and the founders that complete the deal. This guy has no coins at all but has a lot of questions like this. Very reluctant to invest. I have one coin, DNotes!!! So therefore I am reluctantly asking for him and will give him your answer. He is a good friend and I told him I would ask and am trying to help him with investing in his future. He looked up some coins and then hit me with this. Thank you for assisting me with this. I think their might be a new customer soon after I provide your answer.
Thank you.
Hey Chezzz, thanks for the great question!
To me, there are several key differences, mostly relating to project mission scope, business model, and business approach -- all factors that influence the success probability of bringing digital money into an everyday reality.
I'll use the three coins that you provided as examples:
Nano is a cryptocurrency that differentiates itself by claiming
"infinite scalability" (by removing the blocksize, and organising the chain into a lattice structure). It's an interesting project (not dissimilar to IOTA), but it
does not solve any computer science problem at this time. The Nano whitepaper acknowledges that the network could be hammered with spam transactions, and forced into centralization. Just like IOTA, Nano offers fast and free transactions, in exchange for risking security and decentralization (at least in the short-term). Nano is standalone software, and has no growth model based on reinvested profits.
Dash is also aiming to be a digital cash of the future, and it differentiates itself with a bunch of interesting features: (relatively) anonymous sending, instant sending (with fewer confirmations on the network), mobile wallet features, community voting for new upgrades, and even a few merchants etc. Some of these features will be implemented by DNotes. Dash is supported by a foundation that is funded by payments from the network itself (10% taxes on the network block reward), and the foundation distributes these funds to freelancers (and others) to assist with development. You can research yourself about the drama surrounding Dash's beginnings, and make a decision for yourself whether you would purchase a used car from them, regardless of how well their coin is doing now. This issue led to PIVX being created -- a clone of Dash, but without the 'contentious' beginnings.
Zcash is a third example of a digital cash, and they differentiate themselves by researching and implementing a privacy feature on their coin that is a dramatic improvement on that of Dash, and a huge contribution to the engineering / scientific community. Zcash is supported by a foundation, but 10% of the coins that are produced are to be taxed and given to their investors that funded the research on ZK-Snarks (privacy tech), carried out by Zcash. Essentially, users trade and build value into Zcash (which is also a private company that released a cryptocurrency), and the founders take 10% of all coins produced in the first 4 years. This has led other spinoff projects to copy Zcash's code, but release without the 10% founder reward.
All of the above coins want to be the cryptocurrency of the future, and all three of them are thriving in price much more than DNotes is right now -- they're also further along their 'core currency development' than we are. That said, they have a very different outlook than DNotes does in terms of how to actually achieve mass adoption. Because despite whatever the price of what each of those currencies may be, none of them are any further along in preparing for mainstream adoption than DNotes is.
DNotes is a digital cash that is supported by a wider
integrated business ecosystem that helps to drive DNotes' value through
shared equity between it and the currency, and
usefulness where each business property in the ecosystem works in some way to integrate with the real world of commerce to gain mainstream adoption. These business properties may be news websites, secure online storage facilities, business books, business consulting services, crowdfunding, blockchain application that run on the DNotes blockchain, exchanges, fiat gateways, merchant banks, debit cards, insurance companies, internet companies, mobile products -- whatever makes sense for DNotes to integrate into its system to make work seamlessly with DNotes. DNotes is not JUST a digital currency,
but a blockchain solution platform, and wide array of business entities that support the currency. The success of the ecosystem around DNotes, helps to build DNotes further by
reinvesting profits earned through business activities.
This is all carried out with a particular business philosophy that ensures the maximum chance of success of reaching our goal of mass acceptance. To do the right things, the right way, at the right time -- because if anybody else had followed exactly this thus far, you'd already be able to easily use cryptocurrency at your nearest coffee shop; to build our ecosystem block-by-block in a structured manner (because there is no rush when being the best is what will ultimately make you the winner, and there is only so far you can go until you must deal with factors outside of your control); and to operate with trust and integrity -- which is truly unique in our industry. We do not pump and dump, we do not overpromise, nor make false claims. We make claims once our projects are "near completion", or "when we have it" -- which can be contrasted with just about any modern projects or ICO that you see where a ridiculous number of claims are posted all over the website regarding what differentiates the projects, but in reality all they are, are 'claims' that haven't even entered development stage, and won't be ready for 1-3 years. This is true of most major currencies. The true test is what is 'available' for use right at this minute, and not the claims posted all over their website. Hype is a major thing in the cryptocurrency industry. For example, there is a coin in the top 10 that is worth billions, which DNotes is building all the same stuff (and more), and will likely release most of it sooner, but alas, this is cryptocurrency - ICO hype can drive a lot of attention, but trading values are set by speculators, and are currently not at all indicative of thriving success at becoming a mainstream currency (otherwise that coin with no working product couldn't be worth billions).
